Ventures is designed to assist with tracking and reporting needs at each stage of the loan process.  Since menu and field options vary depending on loan status it is important to update the status of a loan as it moves forward (or backwards) through the process.

The loan statuses in Ventures are:

• Prospect:  Initial state of a new loan record
• Open: The loan is considered viable
• Approved: The loan has been approved by the SBA and/or an approving agency
• Funded: The loan has been funded
• Cancelled: The loan is no longer being pursued.  Instead of deleting the loan record you can change the loan status to cancelled so the loan does not appear in production reports
• On Hold: The loan has stalled in progress and has been placed in a holding pattern

The loan header includes the status of the selected loan record.